Asian Shares Mixed As China Briefing Disappoints

(RTTNews) - Asian stocks ended mixed on Thursday, with Chinese and Hong Kong markets giving up early gains to end sharply lower after China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.

The measures included expanding a "white list" of housing projects eligible for financing and increasing bank lending for such developments to 4 trillion yuan.

The briefing from China's housing minister lacked substantial new measures, leaving investors skeptical regarding further economic growth ahead of third-quarter GDP data due on Friday.

Gold ticked higher to hover near record levels in Asian trading even as speculation about a second Trump presidency and its potential inflationary effects contributed to a stronger dollar.

The euro touched an 11-week low ahead of an expected rate cut by the European Central Bank.

Oil slipped in choppy trading, extending declines for a fifth day on China demand concerns and worries over a global glut.

China's Shanghai Composite index fell 1.05 percent to 3,169.38 as the housing policy briefing failed to impress markets.

Hong Kong's Hang Seng dropped 1.02 percent to 20,079.10 as property developers slumped on investor disappointment.

Japanese markets fell notably as data showed exports dropped for the first time in 10 months in September. The Nikkei average dipped 0.69 percent to 38,911.19 while the broader Topix index settled 0.11 percent lower at 2,687.83.

Tech stocks extended their losses from Wednesday, with Tokyo Electron tumbling 3.2 percent.

Seoul stocks ended little changed after a choppy session. The Kospi average finished marginally lower at 2,609.30 as foreign investors extended their selling streak to a second session.

Top automaker Hyundai Motor slumped 4.7 percent and its smaller affiliate Kia Corp shed 2.7 percent.

Australian markets rallied to record levels after the unemployment rate came in at 4.1 percent in September, slightly below the market consensus of 4.2 percent.

The benchmark S&P/ASX 200 climbed 0.86 percent to 8,355.90 while the broader All Ordinaries index closed up 0.79 percent at 8,624.10.

Financials topped the gainers list, with the big four banks rising between 1.3 percent and 2.6 percent.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 1.01 percent to 12,768.54.

U.S. stocks closed higher overnight after upbeat earnings from Morgan Stanley and United Airlines.

The Dow climbed 0.8 percent to a new record closing high, while the S&P 500 added half a percent and the tech-heavy Nasdaq Composite edged up 0.3 percent.